Green Climate Fund
| Green Climate Fund | |
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| Abbreviation | GCF |
|---|---|
| Formation | 2010 |
| Legal status | Active |
| Headquarters | Songdo, Incheon, South Korea |
| Website | www |
The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to assist developing countries in adaptation and mitigation practices to counter climate change. The GCF is based in the new Songdo district of Incheon, South Korea. It is governed by a Board of 24 members and initially supported by a Secretariat.
"The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows". It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020. This is not an official figure for the size of the Fund itself, however. Disputes also remain as to whether the funding target will be based on public sources, or whether "leveraged" private finance will be counted towards the total. A total of US$10.3 billion has been pledged so far, which is meant to cover investments over a four year period. Only a fraction of this sum had been pledged as of July 2013, mostly to cover start-up costs.
According to the Climate & Development Knowledge Network, at the third meeting of the Board in Berlin in March 2013, members agreed on how to move forward with the fund's Business Model Framework (BMF). They identified the need to assess various options for how nations could access the fund, approaches for involving the private sector, plus ways to measure results and ensure requests for monies are country-driven. At the fourth Board meeting in Songdo, South Korea, in June 2013, Hela Cheikhrouhou, a Tunisian national, was selected to become the Fund's first Executive Director. Cheikhrouhou left the Fund in September 2016.
The Copenhagen Accord, established during the 15th Conference Of the Parties (COP-15) in Copenhagen in 2009 mentioned the "Copenhagen Green Climate Fund". The fund was formally established during the 2010 United Nations Climate Change Conference in Cancun and is a fund within the UNFCCC framework. Its governing instrument was adopted at the 2011 UN Climate Change Conference (COP 17) in Durban, South Africa.
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